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Parex Plans 10% Share Buy-Back & Executing Exploration Program

Source: www.gulfoilandgas.com 10/5/2020, Location: South America

Parex Resources Inc., a company headquartered in Calgary, Alberta and focused on Colombian oil exploration and production, provides an operational update.

Share Buy-Back: Pursuant to the normal course issuer bid (“NCIB”) that commenced on December 23, 2019, Parex has increased the maximum daily cumulative share purchase amount under the NCIB's automatic share purchase plan to 111,500 shares. As of September 30, 2020, Parex has repurchased 7.5 million shares under the NCIB and has 137.0 million basic shares outstanding, compared to 155.0 million as of January 1, 2019.

Focused on generating long-term shareholder value, Parex has identified share buy-backs as a tool to acquire high quality proven barrels that generate a greater than two times recycle ratio at current Brent strip pricing. As such, Parex expects to purchase the maximum allowable 13.98 million shares under the NCIB, prior to its expiry in late December 2020.

Production: In response to COVID-19, Parex minimized its social interactions in its operating communities and to maximize shareholder value during periods of low oil pricing, Parex voluntarily reduced Q2 production. Following the increase in realized pricing, the Company resumed production and operational activities. The Company’s priority remains the health and safety of its employees, partners and the communities where we operate.

2020 Capital Expenditures $130-$145 mm: The Company has re-activated its development and exploration program. Total full-year 2020 capital is estimated at $130-$145 million with an H2 2020 capital program of $55-$70 million, contingent upon community safety. Along with a Block LLA-34 and Cabrestero development program, Parex is investing in growth opportunities through:

Fortuna Block: Drill Cayena horizontal exploration well (spud October 1, 2020)
Boranda Block: Drill 1 appraisal well
Block LLA-94: Re-entry of Grulla well
Financial Strength: Parex is well-positioned for the challenges presented in the current business environment. The Company is debt-free and as at September 30, 2020 has a cash position of approximately $350 million and an undrawn credit facility of $200 million. As at June 30, 2020 the Company’s working capital was $339 million.

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